Nebraska’s two U.S. Senators, Deb Fischer and Pete Ricketts co-sponsored a bill 
supported by CUNA and the League, CR 1071, which would repeal the Consumer Financial Protection Bureau’s (CFPB) 1071 rule on small business data reporting. On March 30th, the CFPB promulgated their final rule that implements Section 1071 of the Dodd-Frank Act which amends the Equal Credit Opportunity Act. The rule requires covered financial institutions to collect personal information from small business applicants and report the data to the CFPB. The CFPB may make certain information public including data fields which opponents of the rule argue could be used to re-identify the small business applicant. Included in the data are demographics such as the applicant’s race, ethnicity, sex, and whether the business is minority, woman, or LGBTQ owned. The rule was published in May of this year.
CR 1071 introduced by Senator John Kennedy of Louisiana, would utilize the Congressional Review Act to repeal the rule. The bill is expected to be voted on in late September.
